电子行业点评 HBM 需求强劲，国产替代势在必行 2025 年 06 月 30 日 ➢ 事件：1）根据 CFM 数据，2024 年全球 SSD 主控市场共出货约 3.855 亿 颗，同比增长 8%，大陆厂商联芸科技、得一微在第三方厂商中出货占比约为 25%、 10%。2）美光发布 2025 财年第三季度财报，实现营收 93 亿美元，同比增长 36.6%，环比增长 15.5%；毛利率为 39%，同比增长 1.1pcts，环比增长 11pcts。 ➢ 受益 AI 快速发展，HBM 需求强劲。受益于数据中心需求强劲且其他行业 恢复增长，美光在第三财季实现了创记录的营收，其中 DRAM 营收创历史新高， HBM 营收环比增长近 50%。高端 AI 服务器和 GPU 搭载 HBM 芯片已经成为主 流趋势，还可以应用于高性能计算、人工智能等领域。根据 Trendforce 数据，预 计 2025 年 NVIDIA、CSP 和 ASIC 的需求有望保持强劲需求，全球 AI 服务器市 场增长率有望超过 28%。同时，全球 HBM 市场规模也在快速提升，预计 HBM 市场规模在 DRAM 中的占比有望从 2023 年的 8%提 ...

Group 1 - A total of 122 public fund institutions participated in A-share company research activities last week, covering 112 stocks across 26 Shenwan primary industries, with a total of 491 research instances [1] - 35 stocks received significant attention from public fund institutions, with research instances not less than 5 times, and 4 stocks exceeding 20 research instances [1] - The beauty and personal care sector stock, Shenguan Medical (300888), was the most researched, with 43 instances, involving institutions like Jiashi Fund and China Merchants Fund [1] Group 2 - The non-ferrous metals sector had two stocks, Cangge Mining (000408) and Jinli Permanent Magnet (300748), that attracted at least 11 public fund institutions for research [1] - The mechanical equipment sector received the highest number of research instances at 71, with 17 stocks attracting attention, including Jingzhida and Binglun Environment (000811) [2] - The electronic sector stocks, including Jucheng Co. and Zhongshi Technology (300684), were also favored by public fund institutions for research [2] Group 3 - Huaxia Fund led in research instances with 14, focusing on stocks like Jucheng Co., Jinli Permanent Magnet, and Dadi Bear [3]

Core Insights - The report emphasizes a focus on the technology sector for investment opportunities, particularly in growth stocks, as the market index has shown upward momentum [2][6]. - The report outlines a selection of ten key stocks, highlighting their respective industries, market capitalizations, earnings per share (EPS) forecasts, and price-to-earnings (PE) ratios for 2026 and 2027 [2][68]. Group 1: Key Stock Recommendations - **Neway Valve (603699.SH)**: A leading global industrial valve manufacturer, benefiting from a surge in LNG and marine engineering sectors, with expected overseas order growth of over 50% year-on-year in the first half of 2025 [11][12]. - **Yongxing Environmental (601033.SH)**: The sole operator of waste incineration in Guangzhou, with a projected capacity utilization rate of 79% and a commitment to high dividends, expecting a 174% increase in free cash flow in 2024 [17][18]. - **Aerospace Electronics (600879.SH)**: Focused on aerospace electronics and unmanned systems, with anticipated high growth driven by the commercial space industry and demand for satellite communication technologies [26][27]. - **Miaokelando (600882.SH)**: Positioned for long-term growth in the dairy sector, with a focus on product innovation and cost management, expecting significant revenue growth in the upcoming quarters [31][32]. - **Laopu Gold (6181.HK)**: A high-end gold jewelry brand with strong revenue growth, projected to achieve 8.51 billion yuan in revenue in 2024, benefiting from the expanding market for traditional gold products [36][38]. - **Jingzhida (688627.SH)**: Engaged in the semiconductor testing equipment sector, with significant market potential and expected strong performance due to key customer orders [42][43]. - **Shensanda A (000032.SZ)**: Positioned to benefit from the increasing demand for AI infrastructure and applications, with a strong foothold in public data services [47][48]. - **Sanqi Interactive (002555.SZ)**: Anticipating strong performance from new game releases, particularly the upcoming "Douluo Dalu: Hunting Soul World," with high player interest [53][56]. - **CATL (300750.SZ)**: Expected to maintain strong profit growth, with projected net profits of 66.1 billion yuan in 2025, driven by increasing demand for electric vehicle batteries [59][60]. - **Borui Pharmaceutical (688166.SH)**: Forecasted to achieve net profits of 2.6 billion yuan in 2025, with significant potential in the Amylin pipeline, which has attracted substantial investment interest [63][64]. Group 2: Financial Data Overview - The report provides detailed financial forecasts for the ten key stocks, including projected revenues and net profits for 2025 to 2027, highlighting the growth potential across various sectors [68]. - For instance, Neway Valve is expected to generate 74.53 billion yuan in revenue in 2025, with a net profit of 14.49 billion yuan, reflecting strong operational performance [68]. - CATL's projected revenue for 2025 is 472.43 billion yuan, with a net profit forecast of 66.13 billion yuan, indicating robust growth in the electric vehicle battery market [68].

Group 1: Company Insights - Ruimai Te is a leading domestic company in non-invasive ventilators and masks for OSA and COPD patients, established in 2001 [1] - The company has achieved significant localization in core components, ensuring supply chain security [1] - Ruimai Te has two production facilities in Dongguan and Tianjin, allowing for dynamic capacity adjustments based on market demand [1] - The rebranding to "Ruimai Te" has strengthened its brand and capital momentum [1] - The company has shown strong domestic performance in Q1, aided by the recruitment of experienced marketing professionals [1] - Ruimai Te has successfully entered multiple international healthcare markets, including the US, Germany, and the UK [1] Group 2: Industry Developments - Jingzhida is involved in the development of various testing and repair equipment, including DRM aging test repair devices and MEMS probe cards [2] - The company is working on advanced packaging testing technologies and has received customer recognition for its products [2] - Jingzhida aims for a revenue growth rate of no less than 60% by 2025, with its semiconductor business targeting a growth rate of 500% [2]

Group 1 - Notable private equity firm NanTu Asset recently conducted research on a listed company, Jingzhida, which participated in a brokerage strategy meeting [1] - Jingzhida introduced its product offerings, including DRM aging test repair equipment, MEMS probe cards, general testing verification machines for memory, and new display device testing equipment [1] - The company is developing upgraded CP testing machines and high-speed FT testing machines to meet advanced packaging testing requirements, which have already gained customer recognition [1] - Jingzhida plans to expand its MEMS probe card product line and develop sorting machines and probe stations, establishing Nanjing Jingzhida Technology Co., Ltd. [1] - The company is also developing testing technologies and equipment for 2.5D and 3D packaging technologies such as KGSD and HBM [1] - Jingzhida has set a target for a revenue growth rate of no less than 60% by 2025, with a semiconductor business revenue growth rate of no less than 500% [1] Group 2 - NanTu Asset Management Co., Ltd. was established in 2015 and is currently an observer member of the Asset Management Association of China [2] - The company emphasizes a reliable, sustainable, and excellence-driven development philosophy, focusing on client interests [2] - NanTu Asset aims to build a long-lasting and outstanding asset management company, with a core team of 16 employees, including 11 investment research personnel [2] - The average securities industry experience of the investment research personnel is over 7 years, with backgrounds from renowned public institutions such as CICC, E Fund, and Agricultural Bank of China [2] - The team covers key industries including pharmaceuticals, TMT, new energy vehicles, consumer goods, and cyclical sectors [2]

Group 1: Financial Performance - 阳光诺和预计2025年营业收入将较2024年增长不低于10%[1] - 九号公司2025年营业收入预计为2509百万，较2024年增长40%[1] - 牧原股份2025年预计销量高速增长，2025年净利润增速为26%[1] Group 2: Market Trends and Risks - STC007新药研发进展领先，市场空间较大，潜在BD预期将增厚利润[1] - 美团外卖在补贴力度升级下可能受到影响，但长期看具备运营效率优势[1] - 华友钴业受益于刚果金延长出口禁令，钴价有望上涨[1] Group 3: Strategic Developments - 精智达预计2025年半导体设备收入将达到5亿，是2024年的两倍[1] - 阳光电源在全球储能市场具备竞争优势，预计2025年净利润具备高增潜力[1] - 广和通布局具身智能机器人，供货全球头部机器人公司[1]

- The report does not contain any quantitative models or factors for analysis[1][2][3]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 每股分配比例：深圳精智达技术股份有限公司（以下简称"公司"） 2024年度利润分配方案每10股派发现金红利由3.2351元（含税）调整为3.1910 元（含税）。 本次调整原因：根据中国证券登记结算有限责任公司下发的《证券过 户登记确认书》，公司回购专用证券账户中所持有的 1,278,000 股公司股票已 非交易过户至"深圳精智达技术股份有限公司—2025 年员工持股计划"专用证 券账户，公司回购专用证券账户股份数由1,636,477 股调整为 358,477股。公司 按照分配总额不变，相应调整每股分配比例的原则，对公司2024年度利润分配 方案的每股分配比例进行相应调整。 一、调整前的利润分配方案 公司于2025年6月18日在上海证券交易所网站（www.sse.com.cn）披露的 《关于调整2024年度利润分配方案每股分红金额的公告》（公告编号：2025- 053），根据相关规定，公司按照分配总额不变，相应调整每股分配比例的原 则，每股派发现金红利由0. ...

Summary of Key Points Core Viewpoint - The reduction of shareholding by a major shareholder, Nanshan Bridge, has been completed, with a total of 940,061 shares sold, representing 1% of the company's total share capital [2]. Group 1: Shareholder Information - Nanshan Bridge held 5,046,720 shares before the reduction, accounting for 5.37% of the company's total share capital [1]. - The shares were acquired prior to the company's initial public offering (IPO) and were released from restrictions on July 18, 2024 [1]. Group 2: Reduction Plan Implementation - The reduction plan was first disclosed on March 24, 2025, with the intention to sell up to 940,118 shares [1]. - The actual reduction was completed by June 25, 2025, with a total of 940,061 shares sold [2]. - The shares were sold through centralized bidding, with a price range of 67.83 to 87.72 yuan per share, resulting in a total amount of approximately 73.73 million yuan [2]. - After the reduction, Nanshan Bridge holds 4,106,659 shares, which is 4.37% of the total share capital [2].

深圳精智达技术股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 证券代码：688627 证券简称：精智达 公告编号：2025-054 重要内容提示： 股东持股的基本情况 本次减持计划实施前，深圳南山架桥卓越智能装备投资合伙企业（有限合伙） （以下简称"南山架桥"）持有深圳精智达技术股份有限公司（以下简称"公司"） 股份 5,046,720 股，占公司总股本的比例为 5.37%。上述股份来源于公司首次 公开发行前持有的股份，且已于 2024 年 7 月 18 日解除限售并上市流通。 减持计划的实施结果情况 公司于 2025 年 3 月 24 日在上海证券交易所网站（www.sse.com.cn）披露了 《关于持股 5%以上股东减持股份计划公告》（公告编号：2025-022）。南山架桥 拟通过集中竞价交易方式减持公司股份数量不超过 940,118 股，即不超过公司总 股本的 1%。 近日，公司收到南山架桥出具的《股东减持股份结果告知函》，截至 2025 年 6 月 25 日，南山架 ...